Question

On September 1, Novak Office Supply had an inventory of 35 calculators at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred.

Sept 6. Purchased with cash 85 calculators at $ 25 each from Larkspur Inc

Sept 9 Paid freight of $85 calculators purchased from Larkspur Inc

Sept 10 Returned 5 calculators to Larkspur Inc for $130 cash (including freight) because they did not meet specifications

Sept 12 Sold 27 calculators costing $26 (including freight) for $32 each on account to Lee Book storms, terms n/30

Sept 14 Granted credit of $32 to Lee Book Store for the return of one calculator that was not ordered

Sep 20 Sold 31 Calculators costing $26 for $33 each on account to Orr's card shop, terms n/30

Journalize the September transactions

Answer 1

Date	General journal	Debit	Credit
Sep 6	Inventory	2125
	Account payable (85 x 25)		2125
	(To record credit purchase)
Sep 9	Inventory	85
	Cash		85
	(To record payment of fright)
Sep 10	Account payable	130
	Inventory		130
	(To record purchase return)
Sep 12	Account receivable	864
	Sales revenue(27 x 32)		864
	(To record credit sale)
Sep 12	Cost of good sold	702
	Inventory(27 x 26)		702
	(To record cost of merchandise sold)
Sep 14.	Sales return	32
	Account Receivable		32
	(To record merchandise returned)
	Inventory	26
	Cost of good sold		26
	(To record cost of merchandise returned)
Sep 20.	Account Receivable (31 x 33)	1023
	Sales revenue		1023
	(To record credit sale)
Sep 20.	Cost of good sold	806
	Inventory (31 x 26)		806
	(To record cost of merchandise sold)